Capital markets make an impact

摘要

The exceptional growth of the Saudi economy has created a favourable foundation for change, and the Capital Markets Law and the Capital Market Authority (CMA) have made a positive contribution to the development of the Saudi capital markets. Change has been most evident in the equity capital markets. Although the oil sector is still the foundation of the Saudi economy, the best performing sector last year was the non-oil private sector. In 2004, oil revenues reached an historic high of more than $ 100bn, leading to a current account surplus of $51.5bn and a fiscal surplus of $26.1bn. Further surpluses are expected this year as prices worldwide begin to exceed $60 a barrel. In the past few years, oil prices have risen and production has increased.